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China’s oil giants announce 2015 net profits with slumps

by ChemOrbis Editorial Team - content@chemorbis.com
  • 30/03/2016 (14:44)
According to media reports, the annual reports of China’s three oil companies, China National Offshore Oil Corporation (CNOOC), PetroChina and Sinopec, indicate that the companies’ net profits in 2015 posted significant declines amidst plunging crude oil prices, persistently slowing economy and lower demand.

PetroChina’s net profit plunged 66.9% on the year to CNY35.52 billion ($5.48 billion) in 2015 while Sinopec made a net profit of CNY32.4 billion ($5 billion), down 30% on a yearly basis. CNOOC’s net profit shrank 66.4% on the year to CNY20.2 billion ($3.1 billion).

Meanwhile, CNOOC’s production rose 15% to reach around 496 million barrels, ranking as the second biggest oil producer after PetroChina which reportedly pumped 1.49 billion barrels of oil in 2015. Sinopec, however, produced about 472 million barrels, down 1.7% from a year earlier.
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